India to hold “mega shopping festivals” to boost exports says Minister of Finance

By

Isabelle Crossley

Published
Sep 16, 2019

India will soon play host to “mega shopping festivals” similar to those found in Dubai, according to the Minister of Finance Nirmala Sitharaman. The events will be designed to boost exports, especially in the handicrafts sector.

India will soon hold large-scale shopping festivals to bring together manufacturers and customers, Sitharaman said in the capital on September 14, as reported by Indo-Asian News Service. The festivals will be designed to take place annually and themes for upcoming events include gems and jewellery, textiles, leather goods, and yoga. Sitharaman also said that the events will take place in four different locations across the country.

One sector that the Ministry of Finance is looking to support is handicrafts which includes handmade jewellery, accessories, and gift items. "Special dispensation for facilitating and on-boarding handicrafts artisans and handicraft cooperatives directly on e-commerce portals to enable seamless exports, and mass enrolment of artisans across India with the help of the textile ministry and organisations like TRIFED and CIE will take place," said Sitharaman.

The main aim of the events will be to boost exports. The Union Government is working on this through its “Make in India” campaign as well as its plan to make the Indian economy a $5 trillion economy in the next five years. Sitharaman also announced the government’s new scheme for the Remission of Duties or Taxes on Export Product on Saturday which is intended to incentivise Indian exporters.